The newly-released Phoenix Action to Deeply Enhance Hangzhou’s High-Quality Economic Development (2021-2025) specifies the new goal in the following five years for the capital market of Hangzhou: No less than 120 Hangzhou-based companies will be newly listed at home or abroad by the end of 2025 relying on strong support from the government. Thanks to Phoenix Action, 70 companies were newly listed in China during the past three years, among which 40 were listed in 2021.